Friar's Walk is very much on course and it is expected that some announcements of new tenants will be made within the next few weeks.

That was the message to the Newport City Council cabinet which held at meeting at Chartist Tower to be given an update on the scheme by developers Queensberry Real Estate.

Martin Tressider, of Queensberry, told members of the cabinet that there was now competition between potential tenants for some of the units, which was a sign that the retail landscape has changed in recent months.

Debenham, Next, Top Shop and Cineworld have already taken space in the scheme along with a host of popular restaurants, including Nandos and Frankie and Benny's.

Mr Tressider said there were more names in the pipeline to announce but he explained the the members that it would be at least a few more weeks before these could be made public.

Councillor Bob Bright, leader of Newport City Council,said that projections were that on opening late next year the scheme would be at least 80 per cent full.

He said: "It is good to see how the scheme is coming along and how large the buildings look already."

At one end of the site the building which will become the Debenham stores will soon have the roof put on and at the other end of the site the Cineworld building is also under construction.

Ground works are going ahead in the middle of the site, with the former John Frost Square almost all now completely gone.

Mr Tressider said that the plan was to complete the buildings at both ends of the site and the work towards the middle.

Newport City Council is borrowing £90m and lending it to the developers to make Friars Walk a reality.

An “unprecedented move”, as the council called it, it will ensure the scheme meets anchor store Debenhams’ aim to be open by Christmas 2015.

Queensberry will have to pay the money back to the council at market rate of interest within a year of the scheme’s completion.